Medical Office
For Sale
Contact for pricing
2432 N Triphammer Rd, Ithaca, NY 14850
Built in 2006, this 8,005 SF medical office building offers ample parking near a signalized intersection.
Property Size8,005 SF
Price / SF$199.88
Days on Market496
Property Features for 2432 N Triphammer Rd
General Information
Standard status
Active
Size
8,005 SF
Property subtype
OFFICE
Site & Location
Traffic Count
8,167 vehicles/day
Road Access
Yes
Building Details
Year Built
2006
Listing Agency:
CBRE | Syracuse
(315) 422-4200
Listed By:
Lawrence Papaleo
(315) 784-2524
Source:
Moodyscre
Added: May 8, 2025
Changed: Sep 14
Last Checked: Sep 15 at 7:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE | Syracuse
Investment Insights
Based on property information with market context.
This 8,005 SF medical office building was built in 2006 and is positioned for healthcare-related use. The property includes ample parking to support patient and staff access.
The building is located near the signalized intersection of N. Triphammer Road and Craft Road. N. Triphammer Road is listed at 8,167 AADT, and the property is approximately 0.7 miles to Rt. 13.
Area context includes nearby healthcare practices such as Cayuga Pet Hospital, Smith Allergy & Asthma Specialists of Central New York, Cayuga Health Outpatient Laboratory, and Dermatology Associates of Ithaca.
The building is located near the signalized intersection of N. Triphammer Road and Craft Road. N. Triphammer Road is listed at 8,167 AADT, and the property is approximately 0.7 miles to Rt. 13.
Area context includes nearby healthcare practices such as Cayuga Pet Hospital, Smith Allergy & Asthma Specialists of Central New York, Cayuga Health Outpatient Laboratory, and Dermatology Associates of Ithaca.
Key Highlights
- 8,005 SF medical office building built in 2006
- High‑visibility location near the signalized intersection of N. Triphammer Road and Craft Road
- N. Triphammer Road traffic count of 8,167 AADT near the intersection
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$132,620
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,652,400
$2.7M
Cap Rate 7%
$1,894,571
$1.9M
Cap Rate 9%
$1,473,556
$1.5M
Market Conditions
NOI Build-Up for 8,005 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$226.7K $28.32/SF
− Vacancy
−$49.9K −$6.23/SF
EGI
$176.8K $22.09/SF
− OpEx
−$44.2K −$5.52/SF
NOI
$132.6K $16.57/SF
Area
Tompkins County, NY
Vacancy
22.00%
Lease Rate
$28.32 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,652,400
Cap Rate 7%
$1,894,571
Cap Rate 9%
$1,473,556
Alternative Uses
Best Use
Office B
$1.89M
$1.66M – $2.21M
NOI $132,620 @ 7.0% cap · market cap 8.29%
Second Best
Healthcare Medical
$1.71M
$1.50M – $2.00M
NOI $119,955 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$2.50M
$2.19M – $2.91M
NOI $174,854 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8,167 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14850, NY
69,271
Population
31,772
Households
2.2
Avg Household Size
29
Median Age
72%
College-Educated
96%
High-School Grad
124.8 sq mi
ZIP Area
555
Density / Sq Mi
$69,689
Median Household Income
$36,115
Median Earnings
$1,446
Median Rent
$334,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Similar Off Market Nearby
- America Veterinary Med History — 23 Wedgewood Dr, Ithaca, NY 14850
- Cayuga Pet Hospital — 2442 N Triphammer Rd, Ithaca, NY 14850
Frequently Asked Questions
What type of property is this?
Medical Office Space - Built in 2006, this 8,005 SF medical office building offers ample parking near a signalized intersection.
Where is this medical office space located?
The property is located at 2432 N Triphammer Rd Ithaca, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 8,005 SF medical office building built in 2006; High‑visibility location near the signalized intersection of N. Triphammer Road and Craft Road; N. Triphammer Road traffic count of 8,167 AADT near the intersection
